On December 31, of the current year, Flash Inc. , a calendar year, accrual basis C corporation, has accrued salary payable of $50,000 to its president Jane Smith (a cash basis taxpayer). Jane owns 65% of the corporation's outstanding stock. Flash Inc.'s year end balance sheet also shows $40,000 accrued rent payable to App Inc.. Flash rents equipment from App for its delivery business. App is not a stockholder of Flash Inc. Flash Inc's net income for the current year is $300,000. Assume there is no beginning of the year balances in the accrued salary or accrued rent payable accounts. What is the Corporation's taxable income?